Argentina: Energy firm says 24-hour strike will cost it $12 million

A 24-hour strike by 23,000 workers in Argentina's Neuquen basin will cost state-owned oil and gas company YPF S.A. $12 million, the company said.

It said a 24-hour strike, which started on the night of July 24, may cut production by 160,000 barrels of oil and 6 million cubic meters of natural gas, Bloomberg reported. The striking workers are protesting as regional authorities discuss revisions to Argentina's 1967 hydrocarbons regulation. The workers are also planning a 48-hour strike in the coming days, reports Bloomberg.